On December 15, 2020, S&P Global Ratings lowered its issuer credit rating on GTT Communications, Inc. to CCC from CCC+. The downgrade reflects that GTT's near-term liquidity position is deteriorating, according to the ratings agency. The Company has no availability under its revolving credit facility and S&P Global believes it needs to obtain additional liquidity…
December 16, 2020 – MTPC, LLC and two affiliated Debtors (“collectively, the “Debtors”FN) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of Tennessee, lead case number 20-05438. The Debtors, the operator of three full-service proton therapy and cancer-treatment centers, are represented by David E Lemke of Waller Lansden Dortch…
In a Form 10-K for the period ended August 31, 2020, filed on December 15, 2020, Petroteq Energy Inc.’s auditor, Hay & Watson, raised substantial doubt about the Company’s ability to continue as a going concern. According to Hay & Watson, the Company has had recurring losses from operations and has a net capital deficiency….
McGraw-Hill Education, Inc. announced on December 15, 2020 that it has entered into a transaction support agreement to address its near-term debt maturities. The contemplated transaction will extend all material debt maturities through late 2024. The Company, holders of approximately 63% of the outstanding principal amount of the term loans under the Company’s existing first…
December 11, 2020 – The Court hearing the KB US Holdings cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including March 21, 2021 and May 20, 2021, respectively [Docket No. 410]. Absent the relief, the Plan filing and solicitation periods…
December 14, 2020 – Further to the December 2nd bidding procedures order [Docket No. 148], and absent receipt of other qualified bids, the Debtors canceled the auction scheduled for December 15, 2020 and designated American Freight FFO, LLC (an affiliate of Franchise Group, Inc.; NASDAQ: FRG the “Stalking Horse Purchaser”) as the Successful Bidder for…
December 14, 2020 – The Debtors filed their Second Amended Plan of Liquidation and a separate redline [Exhibit B] showing immaterial changes to the versions filed on November 9, 2020 [Docket Nos. 700 and 701, respectively]. The Second Amended Plan adds a condition to effectiveness. Specifically, among other conditions, before the Plan can take effect,…
December 15, 2020 – The Court hearing the Smartours, LLC cases confirmed the Debtors’ Revised Modified Second Amended Chapter 11 Plan of Reorganization [Docket No. 195]. On October 19, 2020, Smartours, LLC and one affiliated debtor (“Smartours” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware,…
December 14, 2020 – The Debtors filed a Second Amended Prepackaged Plan of Reorganization, with a separate blackline showing changes to the version filed on November 20, 2020 [Docket Nos. 278 and 279 respectively]. The modification reflects an amendment to a Claims Cash Pool (detailed below). The cash pool gives holders of general unsecured claims,…
December 14, 2020 – The Debtors filed an Amended Joint Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 662 and 663, respectively]; and separately filed redlines showing changes to the versions filed on December 1, 2020 [Docket No. 667]. Central to developments reflected in the amended Plan documents is a "Plan SettlementFN" which…
